Exodus Wallet Review: Here’s What You Need to Know

The world of cryptocurrency is becoming richer with each passing day. Every day new players are joining the game for their share out of the crypto world. However, merely joining this program doesn’t ensure a profit.

There are a lot of things an interested person should look out for. And a crypto wallet is one of the most crucial things. Before settling for a crypto wallet, you must give a decent amount of time for researching the different wallets available. What should you look for? Find out in this Exodus wallet review!

What’s a Crypto Wallet?

A Crypto wallet is a piece of software, hardware, or a piece of paper that will allow the user to receive, send, and monitor your cryptocurrency. Your wallet will come with two things. 

  1. Private Key
  2. Public Address

The private key is a long string of letters written in hexadecimal that will allow you to access your wallet. It’s like a password. And the public address is like your email address. People will send you cryptocurrency to this address. 

Remember, never share your private key with anyone! And we can’t stress it enough. The only thing that you can share is your public address. 

Why Should You Use Exodus Wallet?

If you’re a beginner, you should use the Exodus wallet. It’s safe, secure, and very easy to set up and maintains. However, that doesn’t necessarily mean that you can’t use Exodus if you’re adept at it.

Exodus is suitable for almost everyone. And in this Exodus wallet review, we’ll explore different aspects, features, and history of the Exodus wallet.

Unbiased Exodus Wallet Review (2020)

Exodus Wallet Review

1. The User Interface

The Exodus wallet is a software available as both desktop software and mobile app, and it’s a multi-currency wallet, which means it can transact multiple cryptocurrencies. Exodus was found in 2015 and has its headquarters in Nebraska.

Exodus started as software meant for desktop. However, later the platform became available on mobile platforms as well.

Unlike most financial services, the owners of the Exodus wallet emphasized a lot on the interface and the user experience. Undoubtedly, it’s got one of the best user interfaces and the easiest to use.

2. Navigation

There are several tabs in this app. First off, there’s this portfolio where you can see all of your assets. This section displays all the information using different graphs, which makes it easy to comprehend and visually pleasing. 

Then you’ll find the wallet section. From this tab, you can receive or send cryptocurrency. 

An amazing feature of Exodus wallet lies in the exchange tab that’s integrated with shapeshifting. Shapeshift is renowned as one of the most secure and unique trading platforms. With this platform, you can exchange your currency with any other type of cryptocurrency with ease, while maintaining absolute privacy.

This is so simplified that anyone can do it with a few clicks! We love this feature because of its convenience. 

There’s also a way to restore the password of your wallet if you lose it. Simply go to the Backup tab to get this done.

Then you’ll get the help tab. We found this tab very informative as it not only consists of documents but informative videos as well that are very easy to understand.

With the help tab, even the beginners can understand the usage of Exodus and get various tips and tricks regarding cryptocurrency exchange. Finally, there’s the settings tab that can help you tweak the security and interface of your app further.

3. Exodus is a Lite Wallet

Ever heard of those wallets that require you to download the entire blockchain to perform? These can get very annoying soon. They require hours to set up, which makes them extremely inefficient and unsuitable for day to day exchanges. 

You can sync this wallet with Trezor as well. If you’re not sure what Trezor is, let me explain. Trezor is hardware small enough to be carried in your pockets. Trezor allows the user to carry all of his crypto assets without having to face the risks of hackers and malware.

If you’re only starting, we highly recommend you get Trezor once you get the hang of things. And if you use Exodus wallet from the very beginning, you’ll be able to sync all of your data with Trezor once you buy that in a snap!

4. Supported Cryptocurrencies

Exodus Supported Cryptocurrencies

Say goodbye to applications that support only a handful of coins. With Exodus Wallet, you’ll get a platform that supports a hundred and three crypto assets in total!

Starting from Bitcoin to, Ripple, Litecoin, Ethereum, Bitcoin Cash, Stellar, and countless other coins will be available for exchange!

5. Customer Support

In the case of most of the crypto wallets, one common complaint is a lack of adequate customer support. In this sector, Exodus nails it!

Exodus takes a small amount of fee from every transaction, which enabled them to hire real people who would provide support in times of necessity. As it isn’t an opensource software, it also provides better security. 

Furthermore, the official website of Exodus is stuffed with more than a hundred articles that cover almost every topic regarding online cryptocurrency transactions, cryptocurrency types, fees regarding different services and exchange, etc. 

6. User Ratings

Exodus wallet review has an overall rating of four stars. Usually, people start showing interest in this platform because of its amazing user interface, stunning visuals, and easy to understand graphs.

Plus, you can exchange more than a hundred cryptocurrencies using the same platform, which is rarely found. And given the fact that this wallet is free to acquire makes it more demanding.

However, there are fees for transactions and exchanges. These conversion and transaction rates are pretty decent, and people don’t complain. Plus, the fees mean that this isn’t an open-source software ad that comes with amazing customer support.

7. Security

Now we’re coming down to the most important question, “Is Exodus wallet secure?”

The wallet offers two major security. Those are:

  • Password protection
  • Auto-lock feature

When Castagnoli and Richardson had set out to create this amazing platform, they focused on what the users fear the most, Cyber-attacks. Hackers and malware pose a serious threat to the security, information, as well as the assets of the users. They took advantage of their expertise in Blockchain and created a safe platform that hasn’t reported any cyber-attacks until today. 

You can use the Exodus wallet with hardware wallets. This is a great way of using a wallet as it’s the most secure and most convenient. This hardware, such as Trezor is completely protected from cyber-attacks. Plus, they’re very easy to carry, so you can use them anywhere and transact anytime!

In the case of recovery, the platform took a great step by providing seed phrases. These phrases can be used for recovery in case you lose your private key. Imagine not being able to access nor transact any of your assets, that’s how it would be if you’ve lost your seed key. 

Although the security of Exodus is pretty amazing, there are a few things that we only wish were there. These aren’t absolute necessities, but they sure can make the security tighter. 

First off, this platform doesn’t offer two-factor authentication. That means, if someone puts a keylogger in your device, they’ll be able to identify the password you’re using, and they’ll be able to gain access to your account. This leaves a great chance for hackers, and we’re not happy with this inconvenience.

Secondly, Exodus doesn’t use the multi-sig feature. Multi-sig or multi-signature is an added layer of protection that requires another user to sign the transaction. This makes it tougher for hackers as this requires them to hack into two different security layers.

Even with these inconveniences, we think Exodus is a pretty amazing platform for storing cryptocurrency. Once you get hold of some currency, make sure you keep the major portion of it in a device like Trezor and keep a small amount in Exodus for day to day transactions.

How To Create an Exodus Account

How To Create an Exodus Account
Credit: BitcoinBestBuy

This couldn’t be easier. Visit the official Exodus website or simply download their mobile app. Once you’ve installed the software or app, open the software or app and click on the “Wallet” tab.

Once you’ve opened this tab, click on the receive button, and generate your public address. This address will be in the form of a QR code. Once you have the QR code, send your crypto coins to that address. That’s all!

Top Features

Pros:

  • Amazing user interface
  • Supports more than a hundred currencies
  • Free to download
  • Integrated with Shapeshift that allows easy exchange
  • Great customer care support

Cons:

  • Lacks a multi-factor authorization feature
  • Doesn’t come with the multi-sig feature
  • Can’t convert fiat currency

Conclusion

Like every other software wallet out there, Exodus isn’t perfect. However, it’s still one of the best. If you’re only starting, or if you want to spend the least after maintenance, get the Exodus wallet.

You’ll get an amazing UI, great exchange feature, and a platform that supports almost all of the major crypto-currencies! Hopefully, our Exodus wallet review could provide you with the information you needed.

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